Summary: The Union Budget 2025 proposes a rationalized customs tariff structure by removing seven tariff rates, leaving only eight, with minor reductions on select items. To support domestic ...

The income tax rates for the assessment years (AY) 2025-26 and 2026-27 remain unchanged across categories. Under Section 115BAC, default rates for individuals and Hindu Undivided Families (HUF) ...

Finance Bill 2025 introduces mandatory reporting obligations for crypto-asset transactions under Section 285BAA of the Income Tax Act. A prescribed reporting entity will be required to provide ...

Budget outlines measures to boost investment and employment, particularly focusing on the International Financial Services Centre (IFSC). Key provisions include extending tax incentives for IFSC units ...

Harmonisation of Significant Economic Presence applicability with Business Connection Section 9 of the Act provides for income which shall be deemed to accrue or arise in India. Clause (i) of section ...

Section 276BB of the Income-tax Act, 1961 provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. Ans. Section 276BB of the Income-tax Act, ...

In order to position India as the global hub for Electronics System Design and Manufacturing, a comprehensive program for the development of semiconductors and display manufacturing ecosystem in India ...

Section 194H of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying, to a resident, any income by way of commission (not being ...

Ans. Section 275 has been amended to provide that any order imposing a penalty under Chapter XXI shall not be passed after the expiry of six months from the end of the quarter in which the connected ...

Changes under Customs, Excise & Service Tax. CHANGES IN CUSTOMS. The Finance Minister introduced the Finance Bill, 2025 in Lok Sabha tod ...

Section 194G of the Act requires that any person who is responsible for paying, to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of ...

Section 194-I of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of rent, shall deduct income-tax ...